The independent company formed to assist Britain's growing businesses, the Business Growth Fund, had announced its investment in the VTL Group. The VTL Group is a manufacturer of precision built components used in the automotive industry.
For its part, BGF invested GBP4 million in funds and in exchange, the fund would receive a minority stake in the company as well as a seat in the current board of directors of VTL.
The funds would be used to further develop precision engineered transmission and turbo components for the commercial and passenger vehicle markets. The clientele of VTL includes Cummins, Toyota, Renault and Nissan. It also provides additional services for prototypes and for research and development purposes.
The investment made by BGF would allow VTL to grow its business through the development of new customers and products in the automotive industry as well as increase the portfolio components manufactured for existing clients.
According to BGF's Richard Taylor, "BGF has invested in a number of exciting manufacturing businesses to date and it is fantastic to b able to welcome VTL into this group. Employing over 300 skilled staff in the UK alone, VTL is a prime example of a Yorkshire manufacturing firm with its heart in the UK and operations across the globe."
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